How to attract new SMSF clients

Smart practice

Tuesday 01 July 2014

While traditional networking techniques remain the most effective approach to finding new self managed super fund (SMSF) clients, the 2014 SMSF Service Model Report from Macquarie and the Self Managed Super Fund Association (then the SMSF Professionals’ Association of Australia - SPAA) shows there is also evidence that other, less widely used techniques can contribute to growth.

Word of mouth remains overwhelmingly the dominant source of new clients, cited by 92% of SMSF professionals overall. Yet firms are increasingly using a wide variety of marketing techniques to acquire new SMSF business, with social media in particular becoming increasingly important.

The origins of each business play a key role in shaping its approach to marketing. While financial planners excel at building relationships and cultivating referrals from existing clients, the survey findings suggest that SMSF administrators have been enthusiastic adopters of social media. They are also by far the most likely to rely on referrals from a network of professional peers and to use paid search marketing.

However, while traditional referral relationships are fundamental for most businesses, the research also uncovered some less conventional but surprisingly effective approaches to generating new opportunities.

Businesses that achieved exceptional revenue growth were most likely to have employed two less frequently used marketing techniques: client events and referral partnerships with mortgage brokers.

The report also showed there is clear evidence that higher client volumes and a wider range of services are key drivers of profitability, so it is unsurprising that many businesses are looking to increase their capabilities and grow their client base through strategic mergers or acquisitions. Overall, 85% of businesses say they are looking to acquire a business, buy a client book or take on new partners, while only 15% plan to sell all or part of the business.

For more details on what is happening in this rapidly changing industry and how you can apply the findings to your own business, contact a Business Development Manager or download the full report.

Related solutions


Share this

If you enjoyed reading this article, why not share it?

Simply copy and paste the text and include a link to the article. Please read the Expertise Articles Terms of Use before sharing.

Related articles


Subscribe to our monthly newsletter

We bring you technical updates, financial insights and industry expertise.

Newsletter shown on desktop, ipad and mobile
Thank you for subscribing.
There seems to be an error with your request, please contact us.

Simply fill out your details below:

The information you provide on this form will be retained and handled by Macquarie in accordance with our Privacy Policy and we may contact you about products or services we feel may be of interest to you. If you do not wish to provide all details or receive information of this nature, please phone us on 13 62 96.

Find out how we can help

If you'd like to speak to a specialist about how we can help build your business, get in touch.